Home Ownership Costs Beyond The Loan – Loan Love Looks At Some Commonly Overlooked Expenses

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LoanLove.com’s new guide helps borrowers prepare for the costs of owning a home by providing a rundown of some of the hidden fees of home ownership.

LoanLove.com is a borrower advice website that is dedicated to helping borrowers find home loans that they will love. With first class information, valuable resources and connections to top rate industry professionals, the website has quickly become a trusted destination for current news and expert loan advice. Loan Love is constantly providing loan borrowers with the most relevant information regarding mortgage loan management, and their newest article is no different. This new guide provides a guide to home ownership costs which can help borrowers avoid any unpleasant surprises when it comes to the expenses involved in buying and living in their new home.

This new Loan Love guide titled, “Home Ownership Costs (Don’t Let Them Sneak Up On You)” explains that most home buyers tend to focus on their financing options, available mortgage rate, and of course, their anticipated monthly payment, which is understandable, but they tend to forget that there are other costs of home ownership that may not be so apparent right off the bat. Loan Love says,

“…understanding home ownership costs means thinking beyond your monthly mortgage payment and your ability to make those payments on time. Home owners typically focus on principal, interest, taxes and insurance, if they look beyond principal and interest at all. Unfortunately, it is fairly common to overlook many of the other costs of buying and maintaining a new home, whether you build or find an existing house to call your own. Some home ownership costs will pop up as you are securing financing and close on your home, while others won’t become evident until well after you move in. Regardless of what category these costs fall into, it’s important to go into home ownership with your eyes wide open and with a thorough knowledge of the true costs of becoming a home owner.”

Loan Love goes on to look at several different expenses that home buyers may or may not be fully prepared for, and even gives some advice on how to best handle these various costs. The often overlooked costs of owning a home mentioned in the guide include:

  • Closing Costs
  • Private Mortgage Insurance (PMI)
  • Home Owners Insurance
  • Property Taxes
  • Ongoing Maintenance and Repairs
  • Furniture and Decorating

The quick rundown of each of these points can not only help borrowers be prepared, but it can actually help them to save money on some of these hidden home ownership costs. For example, the guide says of closing costs, “Before you even put the key in the lock, you will need to deal with closing costs, which vary from state to state, but can run into thousands of dollars. The list can get lengthy, but the list of closing costs typically include the appraisal, inspections, title insurance fees, fees related to pulling your credit report and other expenses. You can expect closing costs to run about 2 to 5 percent of the purchase price of your new home. Depending on your agreement with the seller and what is contained within your accepted purchase to offer, the seller may assume all or a portion of the closing costs, getting you off the hook. You may also include some of expense in your offer so that you do not have to come up with the additional cash upfront.”

For more information on this subject, click here to read the full article on LoanLove.com.

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Kevin Blue
Loan Love
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